11 July 2013
Telford Homes Plc (AIM:TEF), the London-focused residential property developer, will hold its Annual General Meeting ("AGM") at 12:30 p.m. today at Telford House, Queensgate, Britannia Road, Waltham Cross, Hertfordshire EN8 7TF. At the AGM the Chief Executive of Telford Homes, Jon Di-Stefano, will make the following statement:
"I am pleased to report that trading continues to progress well and that demand remains strong in the Group’s target market. Since 1 April 2013 the Group has sold over 240 open market properties which compares favourably to the 803 sold in the full financial year to 31 March 2013. Recent sales launches have continued to show evidence of demand for our typical product, both in the UK and overseas, including the latest release at Bow Trinity being sold within two hours of the sales centre opening. Last weekend saw the first release of Lime Quay, E14 at an exhibition in Hong Kong and, along with sales in the UK, China and Singapore, we have already sold well over half of the 60 open market apartments.
"This continuing demand, as well as the Group’s success in achieving pre-sales across its developments, were key factors in the Board’s decision to raise £20 million of additional equity through the recent share placing. The Board was delighted that the placing was substantially oversubscribed and, alongside debt finance, the funds raised give Telford Homes nearly £50 million to invest in new development opportunities, a number of which have already been identified.
"There is a shortage of homes in London and, given continuing strong demand and the funds raised in the placing, the Group is in an excellent position to capitalise on the lack of supply and significantly increase its output over the next few years."
For Further information:
|Telford Homes Plc|
|Jon Di-Stefano, Chief Executive||Tel: +44 (0) 1992 809 800|
|Katie Rogers, Financial Director||www.telfordhomes.plc.uk|
|Pascal Keane / Patrick Castle||Tel: +44 (0) 020 7408 4090|
|Henry Harrison-Topham / Quincy Allan||Tel: +44 (0) 20 7398 7710|